1INCH Foundation Launches 10 Million Token Compensation Plan
The not-for-profit section of 1INCH (a distributed network for decentralized protocols) has announced plans to give out 10 million 1INCH tokens (valued at about $24 million) to its users starting from September 1, 2021.
The 1INCH Foundation revealed that the 10 million 1INCH tokens will compensate users who staked the token. They plan to offer these refunds every month to anyone who stakes the token between the first swap of every month and the day of distribution for the 1INCH.
Announcement Causes Increase In 1INCH Price
As of this writing, the 1INCH price has gained about 16% in the last 24 hours and now trades at about $2.34. Based on this valuation, the foundation will be giving away an estimated $23 million. The only condition attached to receiving the compensation is that users who didn’t stake up to 100,000 1INCH won’t be eligible for a refund.
The Foundation further revealed that at least 100 tokens are required for a 25% refund on gas fees for transactions involving “fast gas price” with at least a 1% slippage tolerance. Part of the announcement revealed that the Foundation would keep providing these refunds till it exhausts its budgeted 10 million 1INCH tokens. It further revealed that the 1INCH ecosystem provided the concept for this refund initiative.
What Does 1INCH Do?
1INCH seeks the best rates from various decentralized exchanges and retrieves the highest possible tokens in one transaction by using different pools to split the trade. Using 1INCH services for huge trades is often more cost-efficient than using several exchanges. Now, users trading large volume transactions need not worry about gas fees because they can get a refund.
1INCH also helps its users save gas fees through its chi gas token (CHI). CHI is minted at low gas prices and burned at high gas prices. After attaining a peak price of $7.59 two months ago, the chi price has reduced drastically like all other tokens in the cryptocurrency space. As of this writing, 1INCH trades at about $2.31, and its 24-hour volume is well over $322 million.
MasterCard Opens Startup For Blockchain And Crypto
In other news, the foremost e-payment giant, MasterCard, has revamped and re-launched its “start path” initiative. This startup helps and improves crypto adoption for crypto and blockchain firms. MasterCard selects the startups and gives them the task of providing solutions to the current problems of the young virtual asset space.
Some of the startups previously selected include Mintable, Taurus, and GK8. Common problems for which they need to provide solutions include asset tokenization, a successful transition from the traditional economy to the digital world, data accuracy, and security.
MasterCard continues to explore various sub-markets in the crypto world. This month, it collaborated with Circle (a blockchain firm with majority holdings in the stablecoin USDC) to pilot a crypto-fiat project using USDC as the settlement option. Part of the pilot phase would also involve MasterCard users settling payments with USDC through their MasterCard.
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